Short Interest in Eastern Co (NASDAQ:EML) Grows By 11.3%
Eastern Co (NASDAQ:EML) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 42,500 shares, a growth of 11.3% from the June 30th total of 38,200 shares. Currently, 0.7% of the company’s shares are sold short. Based on an average daily trading volume, of 12,500 shares, the days-to-cover ratio is presently 3.4 days.
In related news, Director James A. Mitarotonda bought 1,521 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $16.91 per share, with a total value of $25,720.11. Following the completion of the transaction, the director now directly owns 10,625 shares of the company’s stock, valued at approximately $179,668.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 14.29% of the company’s stock.
A number of large investors have recently modified their holdings of EML. UBS Group AG raised its holdings in Eastern by 24.8% in the fourth quarter. UBS Group AG now owns 11,576 shares of the industrial products company’s stock valued at $353,000 after acquiring an additional 2,300 shares in the last quarter. Geode Capital Management LLC raised its holdings in Eastern by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 69,194 shares of the industrial products company’s stock valued at $2,112,000 after acquiring an additional 743 shares in the last quarter. Cardinal Capital Management raised its holdings in Eastern by 21.3% in the first quarter. Cardinal Capital Management now owns 23,089 shares of the industrial products company’s stock valued at $450,000 after acquiring an additional 4,050 shares in the last quarter. North Star Investment Management Corp. raised its holdings in Eastern by 0.8% in the first quarter. North Star Investment Management Corp. now owns 119,925 shares of the industrial products company’s stock valued at $2,339,000 after acquiring an additional 950 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Eastern by 0.3% in the first quarter. BlackRock Inc. now owns 286,019 shares of the industrial products company’s stock valued at $5,578,000 after acquiring an additional 733 shares in the last quarter. 66.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of EML traded down $0.17 during mid-day trading on Friday, hitting $16.31. 13,542 shares of the company’s stock were exchanged, compared to its average volume of 12,420. The company has a market cap of $101.62 million, a price-to-earnings ratio of 7.03 and a beta of 0.96. Eastern has a fifty-two week low of $15.28 and a fifty-two week high of $31.97. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.78 and a current ratio of 3.42. The stock’s 50-day moving average is $17.41 and its 200-day moving average is $21.38.
Eastern (NASDAQ:EML) last issued its quarterly earnings results on Wednesday, April 29th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter. The business had revenue of $65.33 million for the quarter. Eastern had a net margin of 5.70% and a return on equity of 14.08%.
The Eastern Company designs, manufactures, and sells industrial hardware, security products, and metal products in the United States and internationally. The company's Industrial Hardware segment offers passenger restraint and vehicular locks, latches, hinges, mirrors, mirror-cameras, light-weight sleeper boxes, and truck bodies for tractor-trailer trucks, specialty commercial vehicles, recreational vehicles, fire and rescue vehicles, school buses, military vehicles, and other vehicles.
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